Financial IT: What is your and PaySend’s background, what was the journey to get where you are?
Ronald Millar (RM): After an initial career in venture capital and property, I have been a serial entrepreneur for the last 20 years, starting a number of different businesses in services and software. I started a Fintech company in 2011, and I sold that to PaySend in 2016 and joined them as CEO. PaySend had developed a unique global card to card transfer service and we launched that in 2017, shortly after I joined.
PaySend has a vision to create money for the future, where we offer a number of products to address everyday financial needs. In having products that can deliver ways to Pay, Hold and Send money, we service over 90% of those financial needs.
Financial IT: What are the features that make PaySend unique compared to other money-transfer providers?
RM: It’s really about three factors. First, the technology. We have state of the art technology that we developed and own and we are constantly looking to make managing money simpler. Second, the network. We have a global network of partners that are integrated in our system to provide scale and support in more than 70 countries. Third, the team. We have an international team of business and technical experts who are constantly looking for opportunities to develop new solutions for everyday financial needs.
Regarding market competition, where does PaySend stand globally?
We are a relatively young business with big ambitions to become a leading player in the global Fintech market. We have established an international footprint – to over 70 countries - within 2 years, which is a great achievement.
Financial IT: What are the emerging trends you foresee in the industry today and how do you address these new challenges?
RM: One of the most important trends that has been, and will continue to be disruptive to the money transfer market is Consumer Driven Digital. We see strong demand for digital from the tech-savvy customers who expect to be able to do everything with you online or via an app and will express frustration when that is not possible. Another emerging trend is blockchain-based technology that promises to make remittance transactions faster, cheaper and more convenient for the users.
Here at PaySend we are on a mission to change how money is transferred around the world. We have designed a solution that sends money faster, safer, easier and instantly for only £1, 1.50€, $2. Recently we announced the launch of Global Stablecoin on the Stellar Network.
With the new stablecoin, over a million users on PaySend will be able to send instant global payments without the traditional cross-border fees.
Financial IT: What are the major milestones you have for PaySend?
RM: Continue to develop the network of partners so we can operate in more countries with a direct presence and continue to develop innovative products that respond to the needs of pay, hold and send money around the globe.